Gyeonggi-do Requires Virtual Asset Reporting for Senior Officials Grade 4 and Above... Deadline September 1

Gyeonggi Provincial Government

Gyeonggi Province will accept virtual asset declarations from public officials at grade 4 (Secretary) or higher affiliated with the provincial government from the 21st of this month until the 1st of next month. This is a preemptive measure ahead of the government's mandatory virtual asset property declaration for high-ranking public officials, which will be introduced in December.

Gyeonggi Province announced on the 21st that it recently completed and implemented revisions to the "Regulations on the Code of Conduct for Gyeonggi Province Public Officials" containing these details.

The main contents include the scope of duties related to virtual assets, the reporting obligations and exclusion from duties for public officials related to such duties, and requiring virtual asset declarations from property registrants when necessary.

Accordingly, public officials at grade 4 or higher affiliated with Gyeonggi Province must report their held virtual assets. Additionally, the relevance to their duties will be verified to prevent them from obtaining private benefits based on information learned through their official duties when necessary.

Gyeonggi Province plans to individually collect property declaration forms under the "Public Officials Ethics Act" and encourage sincere reporting by blocking false or omitted reports through cross-verification with virtual asset declarations.

Earlier, Governor Kim Dong-yeon of Gyeonggi Province urged at the provincial open meeting held in May, "Please prepare measures to expand virtual asset declarations for property-registered public officials and take preemptive actions."

On the 14th, Gyeonggi Province held a preliminary briefing session at the provincial government auditorium for those subject to declaration, explaining the virtual asset declaration methods, contents, and penalties for insincere reporting.

Lee Seon-beom, the investigation officer of Gyeonggi Province, explained, "This is to resolve residents' distrust of virtual assets and to proactively require declarations as a preventive measure to raise awareness among provincial public officials against illicit wealth accumulation."

This content was produced with the assistance of AI translation services.